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Lic Aadhaar Shila: India’s government-backed Life Insurance Corporation of India (LIC) offers a variety of insurance plans for people of all ages and categories. After bank and post office savings schemes, investing money in LIC schemes is quite popular among Indians, as these are risk-free savings that offer guaranteed returns on maturity. LIC Aadhar Shila Plan is a non-linked, participating, individual life assurance plan specially designed for women and girls. Under this policy, if you invest Rs 29 daily, you can get Rs 4 lakh.

This plan offers a great combination of protection and savings. If the policyholder dies unfortunately before maturity, the family gets financial support. Also, if the policyholder survives, a lump sum amount is received on maturity. Apart from this, the plan also takes care of liquidity needs through auto cover and loan facility.

LIC Aadhar Shila Plan: Minimum Sum Assured

The minimum basic sum assured under this policy is Rs 75,000 per life, while the maximum basic sum assured cannot exceed Rs 3 lakh. That is, you can invest a maximum of Rs 3 lakh in LIC Aadhar Shila Policy. The maturity period of this policy can be from 10 years to 20 years. Premium can be paid on monthly, quarterly, half yearly or yearly basis.

LIC Aadhar Shila Plan: How to get Rs 4 lakh on maturity

Let us understand with this example. If you save Rs 29 daily, then in a year you can deposit Rs 10,959 in LIC Aadhar Shila Plan. Suppose you continue this for 20 years and start the plan at the age of 30. In this way, you will invest a total of Rs 2,14,696 in 20 years, in return you will get Rs 3,97,000 on maturity.

LIC Aadhar Shila Plan: Who can take benefit?

Any woman between the age of 8 to 55 years can take advantage of this scheme. This plan is available only for standard healthy lives, without any medical examination, as mentioned on the LIC website.

LIC Aadhar Shila Plan: Settlement option for maturity benefit

Settlement option is an option to take the maturity benefit in installments over a chosen period of 5, 10 or 15 years instead of a lump sum, which is available under in-force and paid-up policies. Installments can be paid in advance at yearly, half yearly, quarterly or monthly intervals, depending on the minimum installment amount for the mode chosen.

The policyholder can surrender the policy at any time during the policy term, provided premiums for two full years have been paid. On surrender, the Corporation will pay the higher amount of Guaranteed Surrender Value and Special Surrender Value, as stated by LIC.